Hong Kong

Sanctions

US Advances Bill That Could Force Closure of Hong Kong Trade Offices

By Editors | 13/09/2024

The Hong Kong government called the House bill a “politically driven” attack that violates international law and interferes with the city’s internal affairs.

Securities / Derivatives

HKEX Offers New Guidance on Preventing Self-Matched Trades

By Sanday Chongo Kabange | 12/09/2024

The guidance aims to help firms mitigate the risk of self-trades by different trading units that might be susceptible to inappropriate trading behaviour.

Securities / Derivatives

SFC Sets Rules for Distributing Research on Stock Connect ETFs

By Manesh Samtani | 10/09/2024

Hong Kong intermediaries are allowed to distribute research reports of eligible Mainland ETFs that are available in Hong Kong via Stock Connect.

AML / KYC

HKMA Issues Guidance on Using AI to Enhance AML Monitoring

By Sanday Chongo Kabange | 10/09/2024

Banks will have to assess the feasibility of adopting AI in their ML/TF monitoring systems and then formulate and submit an implementation plan to HKMA by end March 2025.

Enforcement

HSBC Responsible Officer Disqualified Over MPF Referral Programme

By Sanday Chongo Kabange | 09/09/2024

The responsible officer was disqualified for 30 months for his role in recruiting unregistered personnel to refer MPF corporate clients to HSBC.

Enforcement

HKMA Suspends Ex-Hang Seng Bank Employee for Dishonest Conduct

By Sanday Chongo Kabange | 09/09/2024

The HKMA suspended a former Hang Seng Bank relevant individual for fabricating a client’s signature on a time deposit application form.

Capital / Liquidity

Hong Kong Banks Pledge to Provide Continued Support to SMEs

By Manesh Samtani | 06/09/2024

14 banks committed to replying customers about credit approval reviews within one month and about mortgage loan application outcomes within 14 days.

AML / KYC

HK Customs Announces Disciplinary Actions Against Four MSOs

By Editors | 06/09/2024

The MSOs failed to keep records of remittance transactions and to identify beneficial owners and PEPs, among other breaches of AML/CTF requirements.

Capital / Liquidity

HKMA Consults on Guidance for Basel III Reform Package

By Manesh Samtani | 04/09/2024

The guidance covers certain requirements relating to the rules on operational risk capital, exposure limits and LCR calculation.